Karl Struyf: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Karl Struyf
Largest movements
- Cash +€57,129
up €57,129 (+14.3%), from €399,073 to €456,202
mainly Net result for the year (+€94,638) and Depreciation (+€12,534)
- Tangible fixed assets -€11,076
down €11,076 (-48.1%), from €23,022 to €11,947
of which Furniture and vehicles: -€11,243
- Reserves +€57,938
up €57,938 (+14.6%), from €398,176 to €456,113
- Tax, wage and social debts -€9,655
down €9,655 (-61.5%), from €15,689 to €6,033
- Financial income +€3,034
up €3,034 (+56.0%), from €5,416 to €8,449
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €428,943 | €476,197 | +€47,255 | +11.0% |
| Fixed assets | 21/28 | €23,022 | €11,947 | -€11,076 | -48.1% |
| Tangible fixed assets | 22/27 | €23,022 | €11,947 | -€11,076 | -48.1% |
| Plant, machinery and equipment | 23 | €1,737 | €1,905 | +€168 | +9.7% |
| Furniture and vehicles | 24 | €21,286 | €10,042 | -€11,243 | -52.8% |
| Current assets | 29/58 | €405,920 | €464,251 | +€58,330 | +14.4% |
| Amounts receivable within one year | 40/41 | - | €1,192 | +€1,192 | |
| Other amounts receivable | 41 | - | €1,192 | +€1,192 | |
| Cash at bank and in hand | 54/58 | €399,073 | €456,202 | +€57,129 | +14.3% |
| Deferred charges and accrued income | 490/1 | €6,847 | €6,856 | +€9 | +0.1% |
| Total equity and liabilities | 10/49 | €428,943 | €476,197 | +€47,255 | +11.0% |
| Equity | 10/15 | €410,676 | €468,613 | +€57,938 | +14.1% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €398,176 | €456,113 | +€57,938 | +14.6% |
| Distributable reserves | 133 | €398,176 | €456,113 | +€57,938 | +14.6% |
| Amounts payable | 17/49 | €18,267 | €7,584 | -€10,683 | -58.5% |
| Amounts payable within one year | 42/48 | €18,267 | €7,584 | -€10,683 | -58.5% |
| Trade debts | 44 | €1,585 | €450 | -€1,135 | -71.6% |
| Suppliers | 440/4 | €1,585 | €450 | -€1,135 | -71.6% |
| Taxes, remuneration and social security | 45 | €15,689 | €6,033 | -€9,655 | -61.5% |
| Taxes | 450/3 | €15,689 | €6,033 | -€9,655 | -61.5% |
| Other amounts payable | 47/48 | €993 | €1,101 | +€107 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,433 | €12,534 | +€101 | +0.8% |
| Other operating charges | 640/8 | €1,580 | €1,757 | +€177 | +11.2% |
| Gross operating margin | 9900 | €142,432 | €142,006 | -€426 | -0.3% |
| Operating profit (loss) | 9901 | €128,419 | €127,715 | -€704 | -0.5% |
| Financial income | 75/76B | €5,416 | €8,449 | +€3,034 | +56.0% |
| Recurring financial income | 75 | €5,416 | €8,449 | +€3,034 | +56.0% |
| Financial charges | 65/66B | €86 | €214 | +€128 | +149% |
| Recurring financial charges | 65 | €86 | €214 | +€128 | +149% |
| Profit (loss) for the period before taxes | 9903 | €133,748 | €135,949 | +€2,201 | +1.6% |
| Income taxes | 67/77 | €40,656 | €41,311 | +€656 | +1.6% |
| Profit (loss) for the period | 9904 | €93,093 | €94,638 | +€1,545 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €93,093 | €94,638 | +€1,545 | +1.7% |
Source: filed annual accounts (NBB), financial years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.